Canary Capital Doubles Down on Solana ETF Play—Adds Staking to Sweeten the Deal

Wall Street’s latest crypto gambit just got juicier. Canary Capital—never one to miss a bandwagon—is turbocharging its Solana ETF bid by baking in staking rewards. Because why settle for regulatory approval when you can promise yield too?

The move signals a clear play for institutional dollars hungry for crypto exposure without the hassle of self-custody. Never mind that staking mechanics could complicate an already uphill SEC approval process—since when has that stopped financial innovation?

Solana’s price barely twitched on the news. Because nothing says ’healthy market’ like traders ignoring fundamental developments while chasing the next meme coin.

Still, regulatory clarity remains elusive. The SEC recently delayed decisions on several crypto ETF applications, including those from 21Shares, Bitwise, and Canary itself. The next key deadline for Canary’s Solana ETF is August 17, with final rulings for all SOL ETFs expected by October 10 — a timeline that mirrors the pattern used for Bitcoin and Ethereum ETF approvals.

Seyffart believes the earliest window for a green light may arrive in late Q2, but realistically expects decisions to land in early Q4. Meanwhile, prediction markets remain bullish. According to Polymarket, there’s an 82% probability that a Solana ETF will be approved in 2025, though only an 18% chance of it happening before the end of July.

Adding fuel to that optimism, Bloomberg analysts now estimate a 90% chance of approval this year, citing the SEC’s evolving view of Solana as a commodity and the existence of regulated SOL futures on the CME.